Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If currently Im contributing $279 a month to a 401k with a end result of retiring at the age 67. I would have a total
If currently Im contributing $279 a month to a 401k with a end result of retiring at the age 67. I would have a total of 1.36 million. Question: If i would like to double that amount and have 2.72 million. What would I have to invest today, to have that amount by retirement ?
NerdWallet's 401(k) calculator estimates what your 401(k) balance will be at retirement by factoring in your contributions, employer matching dollars, your expected retirement age and the growth of your investments. New to 401(k)s? Learn the basics with our 401(k) guide. 401(K) BALANCE AT RETIREMENT Tweak your numbers below $1.36M Basic $1.5M Monthly 401(k) contributions $279 /mo. $1.2M $900K 6.0% $600K-D Employer match $300K 25.0% 2040 Year Now 2061 Limit on matching contributionsG Contributions Tax Savings Employer Match Investment Returns 2.0% Based on age 23 , an income of $55,769 and current account of $O Retirement age You will need about Your 401(k) will contribute 67 $3,700/month $2,007/month in retirement at your current savings rate in retirement Rate of return 6.0%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started